Latest / Simply Bitcoin / Lummis Introduces Strategic Bitcoin Reserve Bill | EP 1044

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Lummis Introduces Strategic Bitcoin Reserve Bill | EP 1044 · Simply Bitcoin

• 0:02
  It's all going to zero against Bitcoin.
• 0:06
  It's going up forever. You're against Bitcoin.
• 0:16
  You're. Against freedom.
• 0:24
  Tried to talk you were at a Bitcoin conference and this was
• 0:26
  our cryptocurrency conference and that was where the former
• 0:29
  President Trump was speaking and fundraising and we've been
• 0:32
  asking this question on the show why Bitcoin why now why why
• 0:37
  crypto assets what's sort of the the motivation to really embrace
• 0:41
  a network of crypto assets and become the preeminent network on
• 0:45
  the planet from a Republican sort of stance is this something
• 0:49
  that is concrete and why? At least I I think this is
• 0:53
  something that has evolved over time.
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  I first began looking into crypto in the previous
• 0:58
  administration in 2018. That was my first engagement.
• 1:01
  I initially started at a point of skepticism, as I think many
• 1:04
  of my colleagues do, but when I began to understand the
• 1:06
  underlying technology and realizing the potential for
• 1:09
  dramatic productivity gains, what I thought to myself is we
• 1:11
  need to make certain that it happens here in America.
• 1:13
  The last thing we want is to see what happened with the
• 1:15
  semiconductor industry where it got pushed offshore and weakened
• 1:18
  us from a geopolitical standpoint.
• 1:20
  We need to see this innovation happening here.
• 1:22
  I've been in many conversations with President Trump.
• 1:25
  His thinking is likewise involved, and he's embracing the
• 1:27
  fact that this has tremendous potential for America.
• 1:30
  We want it to evolve here. We want to create the ecosystem
• 1:32
  for it to thrive here, and the last thing we need to do is push
• 1:35
  it offshore. However, the current
• 1:37
  administration has done everything they can to attack
• 1:39
  this industry, to push it offshore again, to use their
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  use, the SEC, the CTC, every tool at their disposal to come
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  in and attack this industry and refuse to provide it with any
• 1:50
  type of regulatory framework. President Trump made the
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  statement at the Bitcoin conference that one of the first
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  things he'll do is change out the administration's leadership.
• 1:58
  Gary Gensler said will be fired. That brought people to their
• 2:01
  feet in applause. He's going to end Operation
• 2:04
  Choke Point that's been taking place in the crypto industry
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  here in America, and he's going to try to create the environment
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  here with the industry can thrive and we'll see the next
• 2:11
  wave of innovation happening right here in America.
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  Yo welcome to simply Bitcoin live, your number one source for
• 2:17
  the peaceful Bitcoin revolution car breaking news culture and
• 2:19
  magic warfare. We will be your guide through
• 2:21
  the separation of money in states ladies and gentlemen sit
• 2:23
  back relax enjoy the ride Welcome to the most watched
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  daily Bitcoin live show on YouTube Rumble NX simply Bitcoin
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  live anyways, absolutely crazy in the halls of Congress Bitcoin
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  is being talked about and you know that that senator is
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  basically seeing the seeing the writing on the wall.
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  If you don't want Bitcoin and Bitcoin entrepreneurs to build
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  it out here in America, they're going to do it overseas.
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  And I think China had a little bit of a taste of that and you
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  know, they've they walked it back a little bit.
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  They're using Hong Kong kind of like this proxy to, you know,
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  try to take some of the Bitcoin industry back into China, but at
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  the same time, not late not letting it into mainland China,
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  but he's you know, it's obvious like you can't ban yourself from
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  Bitcoin is obvious quote. You can't ban yourself from
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  Bitcoin. You can only, you can't ban
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  Bitcoin. You can only ban yourself from
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  Bitcoin. And I think it's incredibly
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  obvious and something that Jack Mahler's actually said at ABPI,
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  at ABPI Summit in DC said you want Bitcoiners paying taxes
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  here in Texas. You don't want them paying taxes
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  in Dubai, right? And that's something that's
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  really important for politicians.
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  And I think they don't quite understand which is this idea of
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  like, look, if you really, if you push it too far, you know, I
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  could take my wealth with me by writing down 12 words, 24 words,
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  you know, crossing a border, you know, taking it all with me.
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  Like, you can't really stop that, right?
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  So I think it it's it's I think politicians are playing with
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  fire. And then it's a question.
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  It's like, do you want the United States to continue
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  dominating worldwide? And I think that's something
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  that Trump, even though he doesn't fully understand Bitcoin
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  completely, and that senator, I think that senator definitely
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  understands Bitcoin a little bit more than Trump, but they're
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  just using common sense. It's like we want this industry
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  to innovate and to really build itself out here in the US.
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  We don't want this to happen overseas.
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  And here's the thing, when different nation States and
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  different countries start competing for your business as
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  an individual, as a citizen, you win, right?
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  That's the dynamics that you want to happen.
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  Another thing also, this is I saw a tweet by Nick Carter
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  earlier in the more earlier in the day and it was basically
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  along the lines left. It was probably not a good idea
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  to tie, you know, Bitcoin to the election of Donald Trump because
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  now we're seeing Kamala Harris really, really rise in the
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  polls. You know, the betting odds, it's
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  getting closer and closer. Trump's losing like 10%.
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  You know, 15 days ago, it seemed like the Trump election was a
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  slam dunk. It doesn't seem like that's the
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  case anymore. And then think about it, right?
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  The obviously a lot of it was, it was very pro Republican at
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  the Bitcoin conference, there was some members of the
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  Democratic Party that were there.
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  But imagine that. Imagine if we have another
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  Democratic administration now, does this mean that it's going
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  to stop Bitcoin? Of course not.
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  Bitcoins existed under various administrations, the vast
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  majority of them being Democratic.
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  Then you could say that a lot of these administrations have
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  taking taking a hostile stance towards Bitcoin.
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  But what I got to say is that now I think bitcoins like
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  evolving now Bitcoins like exiting the shadow realm and
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  entering the mainstream. And I think this is where
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  politicians, specifically during the transitionary period could
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  do a lot of damage to the industry from, you know, an
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  entrepreneurial perspective, from a regulatory perspective,
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  not from a individuals taking Bitcoin into self custody.
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  Like they could make your life hell, but you can just pick up,
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  get up and go and go to El Salvador or go to another
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  Bitcoin friendly country. So that doesn't scare me.
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  But yeah, they definitely can make the life of Bitcoiners
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  extremely inconvenient here in the United States.
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  And also another news, something that I want to talk about as
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  well is this idea of a central bank digital currency, which
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  seems to be dead on arrival here in the US, but it's a bit of a
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  bait and switch. Why am I saying that?
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  Well, it seems like they're going full steam ahead with the
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  stable coins. The stable coins are something
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  that actually Donald Trump mentioned by name during his
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  speech. So of course, I'm talking about
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  USDC and USDT, which is the Tether stable coin and then the
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  Coinbase stable coin. And now here's the thing about
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  those stable coins. They still, both Tether and
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  Coinbase, because they're inherently centralized, do work
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  with law enforcement to seize and freeze the coins of anyone
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  law enforcement or the state wants to freeze.
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  Right, So it's not exactly a CBDC.
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  I would say it's better than a CBDC because it's not inherently
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  controlled by the state. It's still a third party, but
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  still, you know, it has a lot of CBDC characteristics, right?
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  And you know, Mark Goodwin and Whitney Webb, they're talking
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  about this a lot about how it's the stable coins that we have to
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  worry about. It's not necessarily the CBDC.
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  So that's the question that I have for you guys.
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  Are the stable coins, the CBD CS?
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  I don't know. We'll talk about it.
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  Also, the thing that I want to talk about today the the
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  headliner is Cynthia Lummis yesterday finally introduces her
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  historic bill, the strategic Bitcoin reserve legislation.
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  This is something that she mentioned after Trump speech.
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  A lot of people were focusing on Trump speech, but it was a
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  really clever political maneuver, really, because you
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  had Donald Trump, you know, saying, you know, free Ross, I'm
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  going to fire Gary Gensler. You know, under my
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  administration, we're not going to sell any Bitcoin.
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  And then shortly after, you had Cynthia Lummis going harder in
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  the paint. So she was basically saying,
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  we're going to buy up to $1 million worth.
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  I mean, we're going to buy up to 1,000,000 Bitcoin.
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  We're not going to sell it. This is going to become a
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  strategic reserve of the United States the way that they did.
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  It was really clever because if Trump said that, that would have
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  been used by the media to go after him, be like Trump's
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  crazy. He's quote UN quote buying
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  crypto like don't like this guy. And anyone doesn't know the
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  truth about Bitcoin or the difference between Bitcoin and
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  Dodge would have seen that in a negative light.
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  So what they did is they they brought out the Bitcoin senator
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  Cynthia Lummis shortly after the Trump speech, very, very quickly
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  after the Trump speech. And she said the quiet part out
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  loud. She's like, OK, strategic
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  Bitcoin reserve asset. Here's this act.
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  I'm introducing the Bitcoin act. This is what it's all about.
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  And we're going to get into all the details of that today.
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  That is absolutely historic because if they do pull this
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  off, first of all, the longevity of it is going to be a lot
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  greater than if Trump did it via executive order.
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  That would only last four years, right?
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  But if they do it the proper way, which is through the
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  legislative process, then you know, it has more longevity,
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  right? It doesn't matter who's
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  president. It's, it's in, it's into law,
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  it's enacted into law, right? Also, some texts in the laws
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  were mentioning the fact that it was going to be a, it was going
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  to be public. They were going to make the
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  Ledger public proof of reserve. So I think that is that's very
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  awesome. And now I know a lot of
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  bitcoiners are inherently they don't really feel good about
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  this. Why they don't want the state
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  holding on to more Bitcoin. I'd agree with that, but also
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  from a number go up perspective, like holy shit, would that pump
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  the bags If we just heard the US government is going to use that
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  money printer to buy 1,000,000 dot 1,000,000 Bitcoin.
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  That would just make the price go into, they would go beyond
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  the moon and go to Mars or something.
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  So anyways, we're going to talk about that.
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  Really, really bullish on the price.
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  A little bit bearish in the sense that now this is a Bitcoin
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  election. So, you know, I think if Trump
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  gets into office, it will be bullish.
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  And if Kamala gets into office is going to be bearish.
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  Maybe that's something that we should have looked at, looked at
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  and maybe that's something that we should have looked at.
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  But at the same time, did we really have a choice because
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  they just kept up. They just kept upping the
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  hostility, like locking us in a box, locking Bitcoin privacy
• 10:23
  developers in a in a box, going after Roger Burr.
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  Like, did we really have a choice but not throw our hat in
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  the ring and say, you know what, like what's going on here?
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  Bitcoiners never made this political.
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  The Biden administration made this political with all the
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  actions they took. Operation Choke .2 point O, the
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  proposed Bitcoin mining tax and of course, you know, the
• 10:43
  hostility towards Bitcoin developers and then of course,
• 10:47
  the attack on self custody. Like did we really have a choice
• 10:50
  but to get in the ring and be like, you know what, like
• 10:52
  enough's enough we're going to get behind a political candidate
• 10:54
  that it's actually going to protect us.
• 10:56
  Like I don't know if we had a choice on this, but yeah, I
• 10:59
  think this election is going to have consequences for bitcoiners
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  and Bitcoin entrepreneurs in the United States.
• 11:06
  Is it going to stop the movement?
• 11:07
  Absolutely not. We are unstoppable.
• 11:08
  Because I do want to bring up Opteon and of course our special
• 11:11
  guests. We got Mitchell from Block Ware
• 11:15
  Solutions and of course my legendary Co host Optimus
• 11:17
  Fields. What are we?
• 11:18
  What are we going to talk about during the Culture Brother?
• 11:20
  Well, we got everyone's favorite zoomer out here, the author of
• 11:24
  the Conservative Case for Bitcoin.
• 11:26
  So of course today is going to be, I think a very politics and
• 11:29
  Bitcoin infused show, which, you know, I know Bitcoiners love to
• 11:33
  hate on politics. But I think Mitch is going to
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  come on in and explain to us as especially from a zoomer's
• 11:38
  perspective, why it is so important for Bitcoin to or
• 11:42
  Bitcoiners to engage with politics.
• 11:44
  And this is where we are guys, you know, love it or hate it.
• 11:47
  This is the part of the story where we are where politics is
• 11:49
  starting to care about Bitcoin and Bitcoiners.
• 11:52
  So I think Mitch is going to give us some sauce here from a
• 11:55
  younger perspective, which I think is the probably the
• 11:58
  clearer perspective here on many things.
• 12:00
  But you know, Nico, I do want to chime in here.
• 12:03
  You know, I'm, I'm starting to flip flop here.
• 12:05
  I think I'm going to go full Kamala Harris.
• 12:08
  Let's accelerate this. We need to see the final battle,
• 12:11
  Kamala Harris for president because this is going to
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  eventually be good for Bitcoin because they can fight us all
• 12:16
  they want. Can't stop it.
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  So I I mean, hey, let's go accelerate, Nico.
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  Yeah. I mean, bro, Kamala Harris,
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  dude, Oh my God. It would, it would just be like
• 12:28
  from like, yes, from an acceleration of standpoint, like
• 12:32
  the fall, like absolutely bullish on that perspective from
• 12:36
  a being a Bitcoin entrepreneur in the United States.
• 12:39
  It would be very bad. It would, it would be very
• 12:41
  bearish. So, yeah, I mean, and then in
• 12:44
  regards to the conversation about politics, this is
• 12:46
  something that I always hear from like our audience, rightly
• 12:48
  so, because you guys are Bitcoiners, which is like, what
• 12:52
  the fuck's going on? Well, what is the definition of
• 12:54
  politics? The definition of politics is
• 12:56
  the organization of power, right?
• 12:58
  And is of course, if Bitcoin plays more and more of an
• 13:01
  influence in society, then of course it was getting, it was
• 13:06
  going to get into the political discussion, the power
• 13:09
  discussion. That's incredibly obvious.
• 13:11
  That was always going to happen. Look, all the bankers have those
• 13:14
  politicians in their pockets, right?
• 13:16
  Like that, They already do that. So why can't our industry have a
• 13:21
  powerful donor donor base as well?
• 13:23
  Like, isn't that like in my opinion, it's it's, it's obvious
• 13:27
  that that was inevitably going to happen.
• 13:32
  Yeah, I agree with that. And it's, you saw the same sort
• 13:34
  of commentary around the ETF. It's like we don't need these
• 13:37
  guys. We don't want Wall Street.
• 13:38
  It's like if Bitcoin was ever gonna become the global reserve
• 13:42
  asset of the world, if it was gonna have a 10, twenty, $50
• 13:45
  trillion market cap, these guys were gonna come in.
• 13:47
  Wall Street was gonna come in, the politicians were gonna come
• 13:50
  in. And this sort of libertarian
• 13:52
  utopian society with no state that will never exist.
• 13:56
  So I would rather the politicians be quote, UN quote,
• 13:59
  bought off by Bitcoiners than to be bought off by the bankers,
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  straight up. 100% I mean that that is, that is the way that
• 14:06
  the game is played. I, I do believe, I do agree with
• 14:08
  you 100%, Mitchell, where yes, we have this utopian,
• 14:13
  libertarian, utopian vision of society where the just the state
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  disintegrates altogether. I don't think that's going to be
• 14:20
  the case. I think the role of the state
• 14:23
  definitely could be greatly diminished in society for sure,
• 14:27
  but just the total evaporation of the state altogether, I think
• 14:31
  is incredibly naive to think that will happen.
• 14:33
  But in the best case scenario, yes, you do want the men with
• 14:37
  guns, right, to be on the side with to be on the side of
• 14:41
  Bitcoiners rather than the men with guns be against the
• 14:45
  bitcoiners, right? Just going to say that anyways,
• 14:47
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  All right everybody, let's get to the numbers.
• 16:03
  We have lots to talk about. Let's check it out.
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  At the time of recording the Bitcoin price is 62,800 SAT's
• 17:24
  per dollar 1593 block height 854,975 blocks to having 195,025
• 17:34
  having estimate March 20th 2028 Total lightning network capacity
• 17:39
  4007 116 Bitcoin capacity value 296,000,000 Realize monetary
• 17:45
  inflation 1.48% market capitalization 1.24 trillion
• 17:51
  Bitcoin verse gold market cap just getting started 7.35%.
• 17:57
  And the grand scheme of things Bitcoin is still a baby.
• 18:00
  Anyways, I do want to talk about the CVDC.
• 18:02
  This is something that we've talked about a lot on simply
• 18:05
  Bitcoin. We've always made the case that
• 18:08
  you're going to have two options.
• 18:10
  Option number one is Bitcoin, freedom, opportunity, peace,
• 18:15
  prosperity. Option #2 is Fiat, central bank,
• 18:19
  digital currencies, nihilism, slavery, endless wars, all of
• 18:23
  that bad stuff. Now, I think we've done such a
• 18:26
  great job in the in the Internet warfare side of things because
• 18:33
  we have literally CBDC. Just bringing up CBDC in a
• 18:37
  conversation is just so unpopular at this point.
• 18:41
  You see Trump bringing it up not only at the Bitcoin conference,
• 18:45
  but at on just on his rallies. And he said, look, if you elect
• 18:48
  me into office, I'll make sure CBDC never happens.
• 18:51
  And you just see the crowd roaring to the point that it
• 18:54
  surprised Trump the first time he said it.
• 18:56
  So I think that term CBDC has been othered.
• 19:01
  You cannot, but it's not popular.
• 19:03
  People are awake to it. So they're doing a little bit of
• 19:06
  a bait and switch in Europe. We already seen they're not
• 19:09
  calling a central bank digital currency in Europe anymore.
• 19:12
  They're just calling it digital currency, right?
• 19:14
  They're calling it the digital euro, right?
• 19:16
  It, it doesn't seem as it doesn't seem as ominous anymore.
• 19:19
  It doesn't seem as evil. There's no central bank in
• 19:22
  there. It's just, oh, this is just the
• 19:23
  digital euro. What are you talking about,
• 19:25
  right? So they did a little bit of a
• 19:27
  bait and switch in the marketing so that people wouldn't pay
• 19:30
  attention. But we have to stay on our toes.
• 19:32
  We have to stay aware of what is happening.
• 19:34
  Here's Jerome Powell being interviewed, and let's check out
• 19:37
  what he has to say. And so we are, we have people
• 19:39
  who are researching that and trying to keep up to speed
• 19:42
  because we play an important role in the payments sector,
• 19:46
  both as a, you know, as a convener and as an operator too.
• 19:50
  In terms of a CBDC, there's really nothing new going on.
• 19:53
  There's not much going on at all.
• 19:55
  We're not, we don't have the authority to issue AC, you know,
• 19:59
  a retail CBDC that's available to the public.
• 20:02
  We're not seeking that authority.
• 20:05
  So what we're doing is keeping up with, keeping up with
• 20:08
  developments there a pretty much every major central bank in the
• 20:11
  world is, is at least doing as we're doing that.
• 20:14
  Some of them are actually seriously looking at
• 20:16
  implementing ACBDC. We're really not.
• 20:18
  We're really just evaluating, you know, the, the, the story
• 20:22
  and what's happening out there. So.
• 20:25
  You know, I think it's, it's work that we need to be doing
• 20:27
  that which could be very beneficial down the road.
• 20:30
  But we don't have on, on a CBDC. We, we don't have any plan to,
• 20:34
  we would need to go to Congress and we have no plan to do that.
• 20:37
  We're not. No one here has decided that we
• 20:38
  think it's a good idea. And here's the thing, it's it's
• 20:41
  unviable right now. You have the the House and the
• 20:45
  Senate, they're divided. Good luck passing this in
• 20:49
  Congress. So they did a little bit of a
• 20:51
  bait and switch. They found a a clever roundabout
• 20:55
  way. And that clever roundabout way
• 20:57
  is why do we need that if we have Tether?
• 21:00
  Here is the chairman of Cantor Fitzgerald.
• 21:03
  He actually had a speech in Nashville.
• 21:05
  By the way, I do want to mention something about Tether.
• 21:09
  I do believe that Tether, especially in the developing
• 21:12
  world where they don't have access to stable currencies, is
• 21:16
  actually a good thing. And I actually think it's a
• 21:18
  Trojan horse toward Bitcoin. I think it gets people used to
• 21:22
  using a currency that is not issued by the state.
• 21:26
  So in my opinion, I think Tether is, I think Tether is, is
• 21:32
  positive, but it's just something that we have to keep
• 21:35
  in mind of that Tether is not a replacement towards Bitcoin.
• 21:41
  If anything, Bitcoin Tether functions as a stepping stone
• 21:44
  towards Bitcoin. But Tether is not a replacement.
• 21:47
  And that warning is more so to people overseas that are using
• 21:52
  Tether in the day-to-day because as Tether gains more in
• 21:57
  popularity, that means that there's going to be more
• 22:01
  pressure from governments and nation states put on Tether.
• 22:05
  And Tether isn't going to have an option but to say, you know
• 22:09
  what, we're going to go along with it because it inherently
• 22:12
  it's a centralized entity. They don't have a choice, right?
• 22:15
  So anyways, let's check out what the chairman of Cancel
• 22:20
  Fitzgerald had to say. Privical OK Tether does what it
• 22:26
  says it does. It has one to one.
• 22:29
  It's on boarded with 150 law enforcement agencies around the
• 22:34
  world. Why do I know that?
• 22:36
  Because when we got, we formed our relationship with them.
• 22:39
  We helped them on board those institutions.
• 22:44
  We helped them do it every as you all know, every transaction
• 22:49
  on the blockchain is traceable and Tether will seize any, any
• 22:56
  amount of coin that is involved in illicit activity.
• 23:00
  They will be caught. So whoever such said things
• 23:03
  about Tether, they're knowingly false.
• 23:06
  They know it's wrong and it needs to go away.
• 23:09
  All right, So why do I care about all this stuff, right?
• 23:12
  I run Canon fixer. Why do I care?
• 23:13
  Because I care about America and dollar hegemony, the dollar
• 23:18
  being everywhere in the world. So you've got 100 plus billion
• 23:22
  dollars held in Argentina, Venezuela and Turkey.
• 23:29
  If we go to a taxi right now in Argentina and try to pay,
• 23:33
  they'll take Tether. You go to Turkey and go to a
• 23:36
  grocer, they'll take Tether because they don't want the
• 23:39
  local Fiat currency, because we all know it devalues massively.
• 23:45
  So I care about the 300 million wallets that hold Tether because
• 23:52
  those 300 million wallets are financing the US Treasury's
• 23:58
  debt, right? They're buying every time
• 24:00
  someone buys Tether, Tether buys a Treasury bill and we're
• 24:04
  financing the US Treasury's debt.
• 24:06
  So emerging market distribution of USD T is fundamental for
• 24:12
  backing our debt in our country, which helps us live in this
• 24:17
  beautiful way. So let me talk Bitcoin for a
• 24:21
  little bit. I mean, saying the choir part
• 24:24
  out loud, right, This is completely, you know, law
• 24:26
  enforcement. We can confiscate at a flick of
• 24:29
  a switch. You know, this is being adopted
• 24:32
  on a worldwide basis. Tethers being you tethered, you
• 24:36
  know, buys, you know, U.S. Treasury bill, the the the bonds
• 24:41
  and that finance that helps, you know, pay for the debt, right.
• 24:44
  So it's like this like, you know, never ending cycle.
• 24:47
  And then you'd say like, Nico, why don't they care about the
• 24:49
  CBDC anymore? It's like Jerome Powell's
• 24:51
  basically, like, we don't really need it.
• 24:53
  They don't really need one anymore, right?
• 24:55
  Like this is a better situation for them.
• 24:57
  I would say like they get the best of both worlds.
• 25:00
  It's like Tether goes and helps the US government pay off its
• 25:05
  debt. And also Tether, it can just
• 25:09
  freeze anyone's Tether wallet, right?
• 25:11
  It's best of both worlds. Remember the episode that I did
• 25:14
  yesterday when Russia announced that they was going to be using
• 25:17
  Bitcoin to facilitate international trade?
• 25:20
  I said the current US sanctioned policy is not compatible with
• 25:26
  Bitcoin because Bitcoin's an open monetary network, right?
• 25:30
  That's not the case with Tether. You can continue US sanctioned
• 25:34
  policy with Tether, which is why I believe they've kind of backed
• 25:37
  off the CBDC. Like on a marketing perspective,
• 25:40
  it's tainted. You can't do it anymore, but
• 25:42
  they can still kind of get their way in this sense.
• 25:45
  Anyways, here is Paulo or Dino and he says Tethers Q 2/20/24 as
• 25:51
  station is out. Another great quarter.
• 25:53
  A short summary as of 30 June 2020.
• 25:56
  Four, $1.3 billion in net operating profit, 520 million
• 26:02
  increase in Tethers Group own equity, 5.33 billion in excess
• 26:06
  reserves, more than 97.5 billion in U.S.
• 26:10
  Treasuries, $7 billion increase from the previous quarter, a new
• 26:14
  all time high. This achievement brings Tether
• 26:17
  exposure to Treasuries above Germany, the the UAE and
• 26:22
  Australia. While China and other countries
• 26:24
  have been recent net sellers of U.S.
• 26:26
  Treasury, Tether positioned itself at 18th in the ranking of
• 26:30
  countries owning U.S. debt and of course 80,000 Bitcoin owned
• 26:37
  by Tethers group. So I mean like bro, like I
• 26:42
  wouldn't say tether is I would say it's not a CBDC the way that
• 26:46
  we defined ACBDC, but look like eighteenth biggest buyer of US
• 26:53
  of U.S. debt. They hold 80,000 Bitcoin.
• 26:56
  You know, it could be used by law enforcement.
• 27:00
  I mean, like, of course, that now makes perfect sense why the
• 27:03
  US government isn't pursuing a CBDC.
• 27:06
  They don't need to now again, I think I would say it's a Trojan
• 27:11
  horse. Personally.
• 27:13
  I like to Tether guys. I like what Tether is doing for
• 27:16
  developing countries, but it's just something to keep in mind.
• 27:20
  Tether is not Bitcoin, so you're not going to find the
• 27:24
  sovereignty that you would if you're taking Bitcoin into self
• 27:27
  custody. If you have Tether on a, on an,
• 27:30
  on a, you know, on a, on a, on a wallet, they can freeze it, they
• 27:34
  can seize it. And again, it doesn't really
• 27:37
  change things. It doesn't really move the the
• 27:40
  revolution forward in my opinion.
• 27:43
  I would say it just gives a little bit more life to the Fiat
• 27:46
  system, you know, So there's things that I like about it.
• 27:49
  There's things that, you know, I'm not a fan of.
• 27:52
  I think it inherently is beneficial to Bitcoin.
• 27:56
  People could say that's unpopular, but I'll say is like,
• 28:00
  don't leave your money in Tether, leave your money in
• 28:02
  Bitcoin. That's where you'll find
• 28:03
  sovereignty. You won't find sovereignty in
• 28:05
  Tether, but I understand if you're in Argentina.
• 28:09
  I understand if you're in Turkey and you don't have an option and
• 28:12
  you want an option to get a stable Fiat currency or that
• 28:15
  type of exposure, you don't have another option.
• 28:18
  So anyways, I'm, I'm really curious, Mitchell, what, what do
• 28:21
  you think about this, man? It, it it, it.
• 28:22
  Isn't it crazy that he made a speech at at at the Bitcoin
• 28:25
  conference talking about this? Yeah, you bring up really good
• 28:29
  points. And what I'm thinking is tyranny
• 28:33
  doesn't have to happen through the state directly.
• 28:36
  It can happen through private entities.
• 28:38
  And a great example of this is Big Tech censorship, right?
• 28:41
  They infringe on your First Amendment rights under the guise
• 28:44
  of, oh, we're just a private business, we can do what we
• 28:47
  want. Now they're a monopoly, right?
• 28:49
  Big Tech, you know, we've got Twitter and Rumble now
• 28:51
  competing. But if you flashback four years
• 28:53
  ago, every major platform was censoring people and was
• 28:56
  censoring important stories relevant to the election and C
• 28:59
  19 and all this stuff, right? And it's not, it's because the
• 29:02
  government can't coerce them, right?
• 29:04
  They are centralized entities. If the feds come knocking on
• 29:07
  Mark Zuckerberg's door and say you have to censor certain
• 29:09
  stories and and people online, he's going to do it, right?
• 29:12
  You could see the same thing enacted through Tether.
• 29:15
  So they don't need an outright central bank digital currency
• 29:17
  from the Fed, but they can coerce Tether into censoring
• 29:21
  certain people's addresses, you know, under the guise of quote
• 29:23
  UN quote illicit activity and the name of, of safety and all
• 29:27
  that. But we know these are just sort
• 29:29
  of mechanisms and, and things they say to to get away with
• 29:33
  censorship and tyranny. So it can happen through the
• 29:35
  private sector. And definitely Bitcoin and
• 29:37
  Tether, far different. I understand if you're not in
• 29:40
  America and you need access to dollars like it's a great
• 29:42
  resource, but ultimately your life savings should be in
• 29:45
  Bitcoin, Not Tether, not Fiat, not any other asset.
• 29:48
  Percent. I 100% agree with that.
• 29:50
  Yeah man, your life saving is beautifully put.
• 29:53
  Your life savings should be in your life savings should be a
• 29:57
  Bitcoin that that's that's the only place you're going to find
• 30:00
  sovereignty. And it's because of bitcoins
• 30:02
  decentralized nature, right? And again, it's not that the
• 30:05
  tether guys want to do this, It's that it's a centralized
• 30:08
  entity. They can't, if they want to
• 30:09
  remain in business and not be locked in a box, you know, they
• 30:12
  can't, they have to comply. So, you know, is it better than
• 30:16
  a CBDCI would say yes, because it's, it's, it's a private
• 30:19
  entity. But at the same time, I think
• 30:23
  the cons are, you know, it's helping, it's, it's helping
• 30:27
  maintain the Fiat system in a way because it is buying the US
• 30:31
  debt so they can just continue, you know, deficit spending.
• 30:36
  But you know, it's, it's, it's like there's a lot of pros and
• 30:38
  there's a lot of cons. So I'm kind of on the fence
• 30:40
  about this. Opti, what do you what's your
• 30:41
  take? All right, all right, here we
• 30:44
  go. All right, Well, I've been
• 30:45
  saying for a while that this anti CBBC rhetoric we see from
• 30:49
  politicians really has no bite to it because we already have
• 30:53
  them. They're called stable coins or
• 30:55
  even further, the dollar is basically already digital.
• 30:59
  You know, it's already central bank digital currency.
• 31:01
  It's just not in that naming. So as a Bitcoiner, as someone
• 31:06
  that is not here to continue to perpetuate the Fiat dollar, I am
• 31:10
  not a fan of Tether at all. I understand, you know, the,
• 31:15
  the, their, their narrative or, or their shield, they're,
• 31:19
  they're, you know, projection here that like, hey, you know,
• 31:22
  it's a stepping stone towards Bitcoin.
• 31:24
  I totally get that. I totally understand that a lot
• 31:26
  of people are really scared by the Bitcoin quote UN quote
• 31:31
  volatility and they want a quote UN quote stable coin.
• 31:34
  And so I understand the psychology of people that want
• 31:38
  to get away from their local currencies and they want to
• 31:41
  maintain their purchasing power. And so they go into something
• 31:43
  that's stable, which is only stable until it's not.
• 31:46
  And so of course, they go into Tether and then hopefully
• 31:47
  eventually they end up at Bitcoin.
• 31:50
  Like I totally get the mechanism going on here, but really going
• 31:53
  down the Bitcoin dollar thesis here.
• 31:57
  I'm, I'm not a fan of Tether holding what being the 18th
• 32:01
  largest holder of U.S. Treasury of U.S. debt.
• 32:04
  Like I am not here to perpetuate the Fiat dollar.
• 32:06
  I am not here to continue to perpetuate the Fiat system.
• 32:10
  And as much as I understand the mechanisms behind Tether, it
• 32:15
  really just seems like how do I put this in the best way
• 32:18
  possible? It really just seems like a
• 32:21
  continuation of what we're seeing out of the Fiat system.
• 32:25
  I like again, what we're seeing from all of the institutions is
• 32:28
  they're all holding U.S. Treasuries.
• 32:30
  Well, as long as someone's willing to hold the US debt and
• 32:33
  basically continue to fund these perpetual wars, then we're going
• 32:36
  to keep and maintain the system as we see right now.
• 32:39
  And of course, I understand people wanting to go into
• 32:42
  something stable at first and eventually get in the Bitcoin,
• 32:45
  but I'm a bitcoiner. I want people to hold Bitcoin.
• 32:48
  I, I don't see the need to hold a quote UN quote stable coin.
• 32:50
  But yes, I've been saying this for a while on the show that we
• 32:54
  don't need a quote, UN quote CBDC coming out of the federal
• 32:56
  government. We already have them coming out
• 32:58
  of the private sector and they are stable coins.
• 33:00
  And I think more people are starting to wake up to this and
• 33:03
  shouts out to Whitney Webb and Mark Goodwin because they've
• 33:06
  been beating this drum for a long time now.
• 33:08
  And, you know, this is the stuff that, like, I fundamentally
• 33:12
  think Bitcoin's going to win. But when I hear stuff like this,
• 33:15
  this is when I get, you know, my Spidey sense is popping up.
• 33:17
  And I'm like, OK, where are the attack vectors coming from?
• 33:21
  And I think it is coming out of the private sector.
• 33:24
  Now we're seeing that the pendulum is swinging away from
• 33:26
  the public sector into the private sector.
• 33:29
  And the people in power will use the private sector whenever it
• 33:33
  fulfills their needs. And we're seeing that happen
• 33:35
  right now. And let's not forget that some
• 33:38
  of the biggest backers of Tether or stable coins in general are
• 33:42
  the same people that back PayPal mafia.
• 33:43
  Like it's the same people, The very same people that are
• 33:46
  perpetuating the system that we currently are in and don't like
• 33:49
  are also the same people that are, you know, backing Tether or
• 33:54
  USDC. Like it.
• 33:55
  To me, stable coins, I don't know if I can say are a
• 33:58
  necessary evil, but this is where we are right now.
• 34:01
  We don't need a CBDC coming out of the federal government.
• 34:05
  We already have them. They're stable coins.
• 34:07
  And you know, Cantor Fitzgerald or chairman of Cantor Fitzgerald
• 34:09
  basically said it himself though, with that being and said
• 34:13
  shouts out to the tether team because they have unlocked the
• 34:17
  infinite money glitch here. You know, they buy a bunch of
• 34:20
  treasuries with the profits. They buy more Bitcoin.
• 34:23
  Like it seems like a great, it seems like a great business plan
• 34:27
  here, as much as I don't like treasuries and holding U.S. debt
• 34:31
  because that's why we're in the position we're in.
• 34:33
  And I want more people holding Bitcoin, dude.
• 34:35
  You can't hate the player like they're racking it in right now.
• 34:40
  And so it is something to be aware of.
• 34:42
  And also also, though, one last thing, Nico, we did hear Trump
• 34:46
  at that speech say that, you know, he wants to perpetuate
• 34:50
  U.S. dollar dominance and they're going to use stable
• 34:53
  coins to do that. So we're we're seeing this play
• 34:55
  out. And if you've been aware of
• 34:56
  this, you've been seeing this play out for a while.
• 34:58
  And of course, we want more people holding Bitcoin, not
• 35:01
  stable coins. Yeah, I, I, I, I'm not.
• 35:03
  As you know, it's not as black and white for for me, just
• 35:06
  because I know that in the developing world, tether is life
• 35:11
  saving for so many people. And the reality is that bitcoins
• 35:15
  volatility is still it's still could potentially like it.
• 35:19
  It's just too volatile to be used as a everyday.
• 35:23
  You can Bitcoiners do it all the time.
• 35:26
  Like we use it as a we use it as a currency.
• 35:29
  Like when, you know, lightning transaction, we buy a coffee and
• 35:31
  what not. But you know, day-to-day, right,
• 35:35
  You know, the, the dollar in the eyes of of the developing world
• 35:38
  is king, you know, and I would rather that be in the hands of,
• 35:42
  of private entity than in the hands of the US government.
• 35:46
  And look, I'm a free market maxi.
• 35:48
  At the end of the day, ideally as a bitcoiner, I would want the
• 35:51
  developing world to use Bitcoin to transact on a daily basis.
• 35:56
  But that's not what the free market has indicated at all.
• 35:58
  What the free market has indicated is they're fans of
• 36:01
  Tether. They like using Tether, right?
• 36:04
  So if that's what the free market is saying, I still
• 36:08
  believe that it's it's exposure to a non local Fiat currency,
• 36:16
  exposure to a digital currency. And I would, I would say that's
• 36:19
  a good thing. So I don't think it's as black
• 36:22
  and white. I think we have to remain
• 36:23
  vigilant. We have to, you know, tell
• 36:26
  people that, look, you're not going to find sovereignty by
• 36:29
  holding your wealth in in tether, But I I still think it's
• 36:33
  a net positive overall, you know, and that might be
• 36:35
  unpopular with people, but I see what it's done in the developing
• 36:39
  world. Anyways, everybody, let's get to
• 36:41
  the news. Lots to talk about.
• 36:46
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  passport by foundation devices. It's a great hardware wallet.
• 38:05
  Anyways, everybody, so I do want to talk about this.
• 38:08
  We've been talking about Trump's speech for a while.
• 38:10
  It was a very historic moment on Saturday last weekend.
• 38:16
  It coincidentally also simply Bitcoins 4th anniversary.
• 38:19
  But before we get into it, guys, if you're enjoying the show,
• 38:22
  help us break 100 likes within the first hour of the show.
• 38:25
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  like button really, really helps with the algo.
• 38:31
  So the Orange Man said good things about the orange coin at
• 38:36
  the orange conference. And apparently, I mean, I'll,
• 38:39
  I'll let you guys hear from the Orange man himself.
• 38:42
  But for too long, our government has violated the cardinal rule
• 38:46
  that every Bitcoiner knows by heart.
• 38:49
  Never sell your Bitcoin right. Isn't it crazy that that's like
• 38:59
  bitcoins influence has got it to a point where you get AUS
• 39:03
  president basically, you know, speaking about the Bitcoin ethos
• 39:08
  of, you know, don't sell your Bitcoin.
• 39:10
  So of course he this he was doing this as a self promotion
• 39:14
  because he's basically saying like, look, if you elect me into
• 39:16
  office, we're not going to sell Bitcoin.
• 39:19
  It's it's going to become a strategic reserve asset.
• 39:22
  And again, what I was mentioning in the beginning of the show,
• 39:25
  ladies and gentlemen, is that right after Trump had his
• 39:29
  speech, Cynthia Lummus came on stage and she had it in her
• 39:35
  hand. She had the papers of the bill.
• 39:39
  But it was yesterday that I was finally introduced.
• 39:41
  Here's the official press release from the Cynthia Lummus
• 39:44
  website. It goes on to say Lummus
• 39:46
  introduces strategic Bitcoin reserve legislation following
• 39:50
  her announcement a historic proposal to supercharge the US
• 39:53
  dollar and pay down the national debt debt by establishing a
• 39:56
  strategic Bitcoin reserve. Today, US Senator Cynthia Lummis
• 40:00
  officially introduced the boosting innovation, technology
• 40:04
  and competitive through Optimize Investment Nationwide Act, which
• 40:09
  stands for Bitcoin if you break down the letters.
• 40:11
  In the US Senate quote As family as families across Wyoming
• 40:15
  struggle to keep up with storing inflation rates and our national
• 40:19
  debt reaches new and unprecedented heights, it is
• 40:22
  time for us to take bold steps to create a brighter future for
• 40:25
  generations to come. By creating a strategic Bitcoin
• 40:29
  reserve Quote, Bitcoin is transforming not only our
• 40:32
  country but the world, and becoming the first developed
• 40:35
  nation to use Bitcoin as a savings technology secures our
• 40:38
  position as a global leader in financial innovation.
• 40:42
  This is our Louisiana purchase moment that will help us reach
• 40:46
  the next financial frontier. The Bitcoin Act establishes a
• 40:50
  strategic Bitcoin reserve to serve as an additional store of
• 40:53
  value to bolster America's balance sheet and ensure the
• 40:57
  transparent management of Bitcoin holdings of the federal
• 41:00
  government. Specifically, the legislation
• 41:02
  would establish a decentralized network of secure Bitcoin vaults
• 41:07
  operated by the Treasury Department with statutory
• 41:09
  requirements ensuring the highest level of physical and
• 41:12
  cyber security for the national Bitcoin holdings.
• 41:16
  Implement a 1,000,000 Bitcoin purchase program over a set
• 41:20
  period of time to acquire a total stake of approximately 5%
• 41:25
  of total Bitcoin supply, mirroring the size and scope of
• 41:28
  gold reserves held by the United States.
• 41:31
  Be paid for by diversifying existing funds within the
• 41:34
  Federal Reserve System and Treasury Department.
• 41:36
  Affirm self custody rights of private Bitcoin holders and
• 41:40
  emphasize the strategic Bitcoin reserve shall not infringe upon
• 41:44
  individual financial freedoms. And also shout out to Nick
• 41:48
  Carter for pointing this out. Proof of reserve is mentioned.
• 41:51
  What is proof of reserve? Proof of the reserve is exactly
• 41:54
  what El Salvador did. So what did El Salvador did say?
• 41:57
  Listen, you know, we're making our reserves public.
• 42:00
  It's an open Ledger. Anyone could verify it.
• 42:03
  And that's in stark contrast with how Fort Knox functions.
• 42:07
  You have to take the US government's word for it that
• 42:09
  the gold is really there. I think the last time a picture
• 42:13
  was taken of the gold at Fort Knox was back in the 1970s.
• 42:16
  Is the gold really there? I don't know.
• 42:18
  We have to take their word for it, right?
• 42:20
  So I think that's a step in the right direction.
• 42:22
  And here's David Bailey, CEO of of BTC Inc, which throws a
• 42:27
  Bitcoin conference in Bitcoin Magazine.
• 42:29
  And he says, I actually think that the game theory on the
• 42:31
  Lummus SBR bill is fairly interesting.
• 42:34
  I think we should lobby for in full throttle.
• 42:37
  It's a litmus test for those for who is with us and who's against
• 42:41
  us. And whoever becomes the blocker
• 42:43
  will draw the full Irie of our community.
• 42:46
  It unites Bitcoin and crypto and it unites industry and retail.
• 42:50
  There's put there's political cause for a Republican to
• 42:52
  support it and there's no strong lobby pushing Democrats to block
• 42:56
  it. It will mobilize the grassroots
• 42:58
  get out the vote effort as well. I mean, I do agree with that.
• 43:02
  And something that I'll say that I said in the beginning of the
• 43:04
  show, like it would suck ass if if Kamala Harris won the
• 43:09
  election from a bitcoiners perspective, because now, like
• 43:13
  we've like we've as a community, as an industry, we've put our
• 43:18
  our weight behind RFK and Donald Trump and the Democrats did not
• 43:24
  choose to make an appearance at the convention.
• 43:26
  They've been kind of walking it back with words, not really with
• 43:30
  actions. So I mean, if they get back into
• 43:33
  power, like Operation Choke .2 point O is going to increase by
• 43:37
  like 2 times. So you know, it sucks that it's
• 43:41
  become partisan in the sense because ideal like and like
• 43:46
  ideally Bitcoin isn't partisan like it's Bitcoin is for
• 43:49
  everyone. Bitcoin supports a lot of
• 43:51
  progressive causes as it supports a lot of conservative
• 43:55
  causes. So ideally I, I, I it sucks that
• 43:58
  we're in that type of situation. But in regards to the bill
• 44:02
  itself, like I think it's it's incredibly bullish from a number
• 44:05
  go up perspective, from a revolution perspective, I can
• 44:10
  care less whether the US government has Bitcoin or not.
• 44:12
  I would say like, why should I would rather have individuals
• 44:16
  having and they do have the majority line share of Bitcoin
• 44:20
  rather than a nation state, which is the case right now.
• 44:24
  And hopefully you guys understand that if you're
• 44:26
  selling Bitcoin at the moment, you're probably selling it to
• 44:29
  BlackRock, which is essentially belongs to the US government.
• 44:33
  So I would say like, yeah, like don't sell your Bitcoin cuz
• 44:36
  you're probably selling it to a government directly or
• 44:38
  indirectly. And you know, I, I guess this is
• 44:42
  bullish for price. Like I imagine if they came out,
• 44:44
  this law passed and they're like, it just comes out, you
• 44:47
  know, New York Times, CNNBCUS government to buy 1,000,000
• 44:52
  Bitcoin. What do you think would happen
• 44:53
  to the price, bro? It wouldn't go to the moon.
• 44:56
  And then what do you think other countries would do?
• 44:59
  Like China, like Russia, like a lot of countries in Europe,
• 45:04
  they're competitors of the United States.
• 45:06
  They would have to match that and say, look, we're going to
• 45:08
  start buying Bitcoin too. So it's very positive from a
• 45:10
  number go up perspective. I would say it's a negative from
• 45:14
  a revolution perspective. And I can't emphasize this
• 45:18
  enough. And I'll pass it on to Mitchell.
• 45:19
  Like Mitchell, like, was it dumb of us to, you know, put our
• 45:25
  hopes behind a partisan candidate?
• 45:28
  I, I would say we had no choice. They were attacking our
• 45:31
  industry. It created an opportunity for
• 45:33
  the Republican Party and the Independent Party to step in and
• 45:35
  say, you know what, we'll protect the rights of
• 45:37
  bitcoiners. What's your take on this?
• 45:40
  Because specifically with Kamala gaining in the polls as she is.
• 45:44
  Yeah, I don't think it's dumb. And I also agree we didn't
• 45:47
  really have a choice. And if you would have told any
• 45:50
  of us six months ago, hey, Donald Trump is going to give
• 45:54
  this speech at the Bitcoin conference, we would have all
• 45:56
  been ecstatic, right? I think objectively it's a good
• 45:59
  thing. And it was inevitable, right,
• 46:01
  Bitcoin because politics, like you mentioned, the very
• 46:04
  beginning of the show, politics is based on power and money is
• 46:09
  where power is derived from, right?
• 46:10
  And we are fundamentally trying to change the monetary system.
• 46:13
  So inevitably money, Bitcoin politics, it was all going to
• 46:17
  get blended together. And I will say like this alumnus
• 46:21
  Bill is awesome. She's her like great job pushing
• 46:24
  this forward. But I would not be want to be
• 46:27
  holding a Bitcoin ETF right now and I wouldn't want to be
• 46:29
  holding Bitcoin on Coinbase. I would absolutely take self
• 46:32
  custody if I hadn't already. Like because think about 9
• 46:37
  decades ago when they passed Executive Order 61 O2, they
• 46:40
  confiscated gold from private bank vaults, right?
• 46:42
  I can already see the headlines now in in to support America's
• 46:47
  national strategic interests and the safety of our country.
• 46:50
  We have confiscated the Bitcoin under certain exchanges and
• 46:53
  replaced it with dollars. Like they'll pay you out in
• 46:55
  Fiat, but they're going to take the Bitcoin.
• 46:57
  Like maybe this is Dumorish of me, but that could very well be
• 47:00
  a scenario that plays out. So absolutely make sure you take
• 47:02
  self custody. I don't think of you at all.
• 47:05
  I think you're learning from the past, right?
• 47:07
  What's the famous saying? Like if you don't learn from the
• 47:09
  past, you're destined to repeat it?
• 47:10
  Opti, what's your take on all this?
• 47:13
  Yeah. So I read this Bill this
• 47:15
  morning, I read the full PDF and you know, as much as like the
• 47:20
  Bitcoin strategic reserve strategy is laid out in it, you
• 47:25
  know, by a million Bitcoin in the next five years.
• 47:28
  Of course, that's going to be good on the Bitcoin price.
• 47:30
  I thought there was some interesting points in there, of
• 47:32
  course, like the Nick Carter tweet pointed out a proof of
• 47:35
  reserve mechanism like El Salvador.
• 47:37
  That would be absolutely awesome and completely different to what
• 47:41
  we see currently with the status quo.
• 47:43
  You know, like we joke about this all the time.
• 47:45
  Like who knows how much gold is actually in Fort Knox?
• 47:48
  Obviously, you know, trust the trust them, don't verify, but
• 47:51
  apparently it's all there. So that would be profound in in
• 47:55
  it in and of itself. The second thing that I found
• 47:57
  pretty interesting from actually reading the bill was that it
• 48:00
  seemed like they were proposing like some multi sig setup for
• 48:04
  all the different states, or at least all the different holders
• 48:06
  of it, which obviously would be not only very interesting, but
• 48:10
  the correct way to do this. So shouts out to Cynthia Lemons
• 48:13
  for doing that. But I think the best part about
• 48:15
  this was the very last paragraph or the very last section of this
• 48:19
  was continuing to double down on the idea of protecting self
• 48:22
  custody, though, of course, a lot big, a lot of bitcoiners to
• 48:25
  be like, you know, I don't need a lot to do this.
• 48:28
  I literally just, you know, remember 12 words or 24 words
• 48:30
  and and I'm good. But I think as as we move
• 48:34
  further down the timeline and we move further into this clown
• 48:39
  world, some might argue peak clown world, I think it's going
• 48:42
  to be very important to have, you know, as we said earlier,
• 48:45
  the guys with guns protecting our self custody like this is
• 48:48
  property. I thought this was America.
• 48:50
  I thought we could own property here.
• 48:52
  And now it's getting to a point where like they literally want
• 48:54
  to take your property from you because they don't like it,
• 48:56
  because they don't like freedom money.
• 48:58
  So I think this is a very good development and we'll see if
• 49:01
  this actually, you know, gets passed and put in, which would
• 49:04
  obviously break the echo chambers and really pump our
• 49:08
  bags. Of course, like I I don't even
• 49:10
  think they could buy a million Bitcoin right now.
• 49:13
  Currently. That's literally like all the
• 49:14
  Bitcoin on all the exchanges ever, and that doesn't even
• 49:17
  account for the retail farmer that's going to come.
• 49:20
  Afterwards, they totally can they.
• 49:21
  Just know I know. Just need to pump the price to a
• 49:24
  certain extent. Where people are exactly,
• 49:27
  exactly. So I think it's it's definitely
• 49:31
  an important development that we're seeing.
• 49:33
  Of course here, like we emphasize always, it's about the
• 49:36
  individual saving in Bitcoin, you guys stacking stats, taking
• 49:39
  Bitcoin into custody. This is how this this game went.
• 49:42
  This is how you as the individual really thrive.
• 49:44
  So I mean, very interesting, obviously historic moment at the
• 49:47
  Bitcoin conference with Cynthia Lummis coming out and and
• 49:50
  exposing the bill to the world and then of course her dropping
• 49:53
  the full bill a couple days later, which is I think a good,
• 49:56
  good development. Absolutely.
• 49:58
  All right, everybody, let's hit the culture and talk to Mitchell
• 50:02
  Hoddle. Let's check it out.
• 50:05
  The daily culture. Everybody, I do want to give a
• 50:13
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  you just don't know any bitcoiners around you pull up
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  that are near you. It allows you to send them Adm
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  and connect with them. It's also a great resource for
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  Bitcoin events. So if you don't know any Bitcoin
• 50:49
  events around you, you pull up the orange pull up, it will
• 50:51
  literally show you. It's also the best way to
• 50:54
  communicate with me directly. I don't really answer Twitter
• 50:57
  DMS or e-mail these days, get flooded with those, but the
• 51:00
  orange pull up, I make sure about every week or so to check
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• 51:16
  All right, man, I'm so excited. I'm so bullish on Zoomers like a
• 51:19
  lot of our teams. Well, the zoomers that get it.
• 51:21
  The zoomers that get it. A lot of our team right now are
• 51:24
  just a bunch of hungry, savage Zoomers, and they're some of the
• 51:27
  most talented Bitcoiners I know. I appreciate them.
• 51:31
  I love them. And, you know, just Mitchell
• 51:34
  Hoddle, man, just another extremely talented Bitcoin
• 51:37
  zoomer coming in hot, you know, trying to show off your talents,
• 51:41
  taking advantage of your youth to Sprint faster than everybody
• 51:45
  else. So yeah, man, how you doing?
• 51:48
  I appreciate appreciate the kind words and love for my generation
• 51:51
  and one of the most bullish things I saw this past week at
• 51:55
  the conference was I went to the Bitcoin student network event.
• 51:58
  It was put on by Arsh and Ella. It was great, like probably, you
• 52:04
  know, a couple 100 college kids packed into this restaurant like
• 52:07
  crazy bullish event. And I remember three years ago I
• 52:10
  went to the Bitcoin 2021. It felt like I was the only
• 52:13
  person under 50 there. Like I was looking around,
• 52:16
  everybody's way older than me. And it was exciting, right?
• 52:19
  Like I'm like, wow, I'm one of the only people my age who
• 52:21
  actually starts to understand it.
• 52:23
  But we're seeing more, right, that our numbers are multiplying
• 52:26
  and Zoomers, we have no other option, right?
• 52:29
  There's no other way to save for a house and to be financially
• 52:32
  secure. Start a fan asides from Bitcoin,
• 52:35
  we're priced out of real estate. The stock market is, is just
• 52:38
  manipulated. It's rigged.
• 52:39
  It's, it's also tied to liquidity, just like Bitcoin.
• 52:41
  And it underperforms Bitcoin, right?
• 52:43
  So it's, you have two options as a zoomer.
• 52:45
  You could go the sports gambling, meme coin degenerate
• 52:49
  route, or you can go work hard, provide value for society and
• 52:52
  save in Bitcoin. And that's the, that's the path
• 52:54
  I've chosen. And it's the one I'm trying to
• 52:56
  get all my friends on as well. Let's go, Mitch.
• 52:58
  I mean, I when I saw you at the after party, I literally told
• 53:01
  you the same thing. I'm like, man, if I had Bitcoin
• 53:04
  at your age, like it would have been an incredible paradigm
• 53:08
  shift. So kudos to you and and the
• 53:09
  young Bitcoiners that get it. But I do kind of want to pivot
• 53:12
  this conversation because I know this is a topic that Nikko
• 53:15
  loves. I know this is a topic that you
• 53:16
  love, but let's talk about why you have leaned in so hard into
• 53:21
  the idea of Bitcoin and politics.
• 53:23
  And that's what you've been talking about.
• 53:24
  You wrote the book, you know, conservative case for Bitcoin.
• 53:27
  So for all of the Bitcoiners watching right now, they're
• 53:30
  like, oh, politics is fake. Like we, we shouldn't care about
• 53:33
  politics. Bitcoins going to win anyway.
• 53:35
  Why are you leaning so hard into politics currently?
• 53:41
  One, I want people in my social circle, in my sphere to
• 53:45
  understand Bitcoin, and I felt that articulating it from the
• 53:49
  conservative point of view was going to be one of the best ways
• 53:51
  I could do that. Two is that I was super into
• 53:55
  politics before I got into Bitcoin.
• 53:57
  I felt that we needed like the only way to make changes through
• 54:00
  legislation and getting the right people in office.
• 54:02
  Bitcoin changed my mind on that, but I've almost come full circle
• 54:06
  now that I want positive Bitcoin legislation or at the very
• 54:10
  least, I think Bitcoin can win faster if we have neutral
• 54:14
  legislation. Like I agree, ultimately Bitcoin
• 54:17
  wins regardless just off of attrition.
• 54:19
  The dollar and the Fiat system will will kill itself through
• 54:22
  hyperinflation at some point. I don't know what the timeline
• 54:25
  is on that, but if Bitcoin has neutral policy, which you know,
• 54:29
  if you even look at Trump's language in his speech, right,
• 54:32
  he didn't say, you know, he's going to start buying a bunch of
• 54:34
  Bitcoin. He's like, we're not going to
• 54:36
  sell the Bitcoin we have. And that's great because one of
• 54:38
  the most common Fuds I hear from no coiners or institutions,
• 54:42
  people as to why they don't want to get into Bitcoin is, oh, the
• 54:44
  government's going to ban it. They're going to shut it down.
• 54:46
  Now we understand that's not technically or physically
• 54:49
  possible, but that is a deterrent for a lot of people.
• 54:52
  And so having political favor or political neutrality on Bitcoin
• 54:56
  is a great thing. And you know, someone's got to
• 54:58
  do it right. I feel over the last few months
• 55:01
  like I want to step up like it's in a way in my calling because
• 55:05
  there's a lot of really, really smart people in Bitcoin.
• 55:08
  But there's also a lot of like, you know, computer nerds, like,
• 55:11
  like people who aren't super articulate and can't really, you
• 55:15
  know, kind of rizz up these these politicians, right?
• 55:18
  You know, if you observe Bitcoin online, right, it's like cartoon
• 55:21
  people with laser eyes yelling at each other.
• 55:23
  But you know, you go to one of these actual events in person.
• 55:26
  It's good to have, you know, people who can talk about
• 55:28
  Bitcoin, who understand it, are willing to to sort of do The
• 55:31
  Dirty work and, and get into the swamp and get their hands dirty
• 55:34
  and, and advocate for Bitcoin A. 100% I mean, look, I, I've
• 55:40
  definitely come full circle too. I, I came to Bitcoin apolitical.
• 55:43
  Obviously Bitcoin as a movement is political.
• 55:47
  It's a political money. And we all know politics is
• 55:49
  downstream from the money printer.
• 55:51
  So I, you know, Nico used to yell at me all the time.
• 55:53
  Like bro, politics are super important where we are right
• 55:56
  now. And I'm starting to come around
• 55:58
  on the idea of like, I think it's super important for us
• 56:00
  young people to get involved because in 1020 years, you know,
• 56:03
  all the boomers are going to be gone.
• 56:05
  And we need people that are Bitcoiners in these positions
• 56:08
  and actually doing things that are going to help and protect
• 56:11
  bitcoiners and Bitcoin industries.
• 56:13
  Because it's going to be one of the biggest industries in in the
• 56:16
  world. And if you have people fighting
• 56:18
  it, it's not going to be a good look for us.
• 56:20
  So this is where we are anyways, Mitchell, I do also kind of want
• 56:26
  to tap on you, tap your brain on just Trump embracing Bitcoin,
• 56:31
  how that's broken, this echo chamber that we've all been a
• 56:33
  part of. Yeah, I hear a lot of criticism.
• 56:38
  Oh, Trump being pro Bitcoin is gonna instantly turn off half
• 56:42
  the country. And I got a few points on that
• 56:44
  one. Good for them.
• 56:45
  Good riddance. If you cannot come to your your
• 56:47
  own form, you know, formulate your own opinion, do you simply
• 56:50
  take the opposite of what the former president takes then?
• 56:54
  I mean, you have fun staying poor, right?
• 56:56
  And on the other side of that, you're gonna have a bunch of
• 56:58
  people that by virtue of Trump being pro Bitcoin, will now
• 57:02
  immerse themselves and maybe either take a position or a
• 57:05
  little more open, right? You're going to have half the
• 57:07
  country who's like, hey, I like Trump, whatever.
• 57:09
  I'm going to maybe learn more about this Bitcoin thing.
• 57:12
  And I think people had really high expectations going into his
• 57:16
  speech and a lot of people were left disappointed, right?
• 57:18
  I, I do think his comment at the end about have fun playing with
• 57:22
  your stuff was like a little out of pocket and shows maybe he
• 57:25
  doesn't fully understand Bitcoin.
• 57:26
  But overall, like, I think it's great.
• 57:29
  It's objectively bullish. He wants to free Ross.
• 57:31
  He wants to hold the Bitcoin that we already have, right?
• 57:34
  It was it was really good. If you told anybody in the past,
• 57:37
  you know, give him a transcript, go back in time travel, we would
• 57:40
  have all been ecstatic about this.
• 57:42
  And maybe he doesn't fully understand Bitcoin.
• 57:45
  That's OK. It shows that his appearance
• 57:49
  here and his willingness to promote Bitcoin and position
• 57:52
  himself as favorable, it shows that we have enough capital,
• 57:56
  enough influence as a Bitcoin community that the politicians
• 57:59
  now have to appeal to us, right It he doesn't have to fully get
• 58:03
  Bitcoin. He doesn't have to be able to
• 58:04
  explain self custody and the difficulty adjustment and the
• 58:07
  differences between Bitcoin and crypto and Austrian economics.
• 58:10
  Like he doesn't have to understand all that.
• 58:12
  All he has to do is basically leave us alone or give us very
• 58:16
  favorable legislation. 100 percent, 100%.
• 58:20
  I couldn't agree more. I, I, that's what I was saying
• 58:23
  at the conference. I'm like, you know, I was a
• 58:25
  little disappointed with the speech.
• 58:27
  I'm like, all he had to say is just like, I'm leaving you guys
• 58:29
  alone and I like Bitcoin. And I would have been like, Yep,
• 58:32
  that's my guy right there. In RFK set the bar high right
• 58:37
  with his hyperbolic statements about I'm going to buy $4
• 58:39
  million or 4 million Bitcoin, which as we know would bid the
• 58:43
  price to the moon. I don't even think there's that
• 58:45
  many on exchanges like it couldn't happen.
• 58:47
  But because like no, no disrespect to him, he's not
• 58:50
  necessarily a candidate that's really contending.
• 58:53
  I enjoy hearing him talk. I think he's a great guy
• 58:55
  whatever, but he's not going to win, right?
• 58:57
  He can say these things. Trump can't just go on there and
• 58:59
  say we're going to buy 4 million Bitcoin.
• 59:01
  It's not feasible and it just wouldn't make sense for him
• 59:03
  politically. So the bar being set that I
• 59:05
  think definitely had people disappointed, but overall I
• 59:08
  think it was great. And I do think it was maybe the
• 59:11
  order of, you know, having alumnus come on right after
• 59:14
  because it was a little odd because everybody had left and I
• 59:18
  felt like her her announcement got a little overshadowed.
• 59:20
  But overall, I, I couldn't be more bullish on Bitcoin and
• 59:24
  definitely America's Bitcoin position because I love America.
• 59:28
  I grew up here, I'm never going to live in another country and I
• 59:30
  want us to lead the way on Bitcoin.
• 59:32
  And we have the most capital in this country, right?
• 59:34
  If we want Bitcoin to really experience number go up and I'll
• 59:37
  get our Lambos and our beach mansions like we're going to
• 59:40
  have to have Wall Street and the political realm embrace Bitcoin
• 59:43
  and pump our bags. 100 percent, 100% Guys, if you guys are
• 59:47
  enjoying the show, help us break 100 likes.
• 59:49
  We got 7 seconds and we're at 98.
• 59:52
  I know you guys can do it, but yeah, man, I, I, I, it's, it's,
• 59:56
  it's bittersweet. It's, I would say it's, I think
• 1:00:02
  it's naive from a lot of Bitcoiners to believe that
• 1:00:06
  inevitably we weren't going to get to this point.
• 1:00:11
  It is incredibly naive. Is that that's like the current
• 1:00:16
  thing. It's like, fuck the state.
• 1:00:17
  Like end the state. It's like, yeah, dude, I agree
• 1:00:19
  with you. I agree with the theory from the
• 1:00:20
  sovereign individual. I do believe information
• 1:00:22
  technologies is going to make the role of the state smaller.
• 1:00:27
  But, you know, to to just believe that somehow we're going
• 1:00:31
  to go from A to B, you know, and it's going to be all dandy and
• 1:00:37
  all happy and all that stuff. Like, no, it's never been like
• 1:00:40
  that through human history. Every kind of pivotal moment,
• 1:00:45
  the I think the one, the one to compare with is the separation
• 1:00:48
  of church and state. That shit was so fucking bloody.
• 1:00:52
  Like, like, take a look. Just just read a little bit
• 1:00:56
  about the French Revolution and see what the fuck happened.
• 1:00:59
  Like it was, it was, it was pretty nasty for a long time.
• 1:01:03
  And then that led to the the Napoleonic Wars.
• 1:01:06
  Like it was a very turbulent time.
• 1:01:08
  Now, I'm not saying the separation of money and state is
• 1:01:11
  going to be as as as violent. I don't think it is, but just to
• 1:01:15
  kind of give you guys an idea of like it things aren't black and
• 1:01:18
  white, like, you know, like it's it's different Shades of Grey.
• 1:01:23
  And during this transition period, we have to be flexible
• 1:01:26
  and we have to be quick on our feet and adapt to the situation
• 1:01:31
  and the circumstance that's in front of us.
• 1:01:34
  Bitcoiners always took this non political neutral approach and
• 1:01:40
  then they started attacking us, right?
• 1:01:42
  And then we were like, what the F is going on here?
• 1:01:45
  That created an opportunity for political opponents to make that
• 1:01:48
  part of their, if you vote for me, protect your industry.
• 1:01:52
  Like that was the natural course of things.
• 1:01:55
  You know, I know it's the first time you experience it.
• 1:01:58
  You, you can't believe it. You're like, no, like this is
• 1:02:01
  crazy. And I understand and I respect a
• 1:02:03
  lot of OG Bitcoiners. I've been here since 20/13/2011
• 1:02:07
  when Bitcoin wasn't even, it wasn't even like it didn't even
• 1:02:10
  exist, right? So I can't even imagine what
• 1:02:13
  that's like, you know, seeing, you know, an ex president or
• 1:02:16
  potential future president saying like, you know what
• 1:02:19
  Bitcoiners say, like don't sell your Bitcoin.
• 1:02:21
  Like it must be a little bit crazy.
• 1:02:23
  I understand that. But at the same time, we have to
• 1:02:25
  be realists. Like we, we, we want the men
• 1:02:28
  with guns to be pro Bitcoin. We don't want the men's with
• 1:02:31
  guns to be anti Bitcoin. Does that mean that Bitcoin
• 1:02:35
  needs politicians to succeed? Absolutely not.
• 1:02:38
  I would say politicians need Bitcoin to succeed, but that's
• 1:02:42
  not to say that you can't make an argument.
• 1:02:45
  You can't look at me with a straight face and tell me that
• 1:02:47
  Nico Trump winning is somehow bad for the Bitcoin industry in
• 1:02:54
  the United States. Like you can't look at me and
• 1:02:56
  tell me that. So if you can't look at me and
• 1:02:58
  tell me that, then you can say for a fact that Trump being
• 1:03:02
  elected or RFK being elected is a net positive for the industry
• 1:03:06
  in the US. And if that's the case, then
• 1:03:09
  take agency, take action, right? And get involved somehow, right?
• 1:03:15
  That's my take. I I understand that it could be
• 1:03:17
  incredibly unpopular with a lot of hardcore anarcho, like, you
• 1:03:23
  know, utopian. There will be no state, fuck the
• 1:03:26
  state no matter what. But that's my opinion, Opti.
• 1:03:31
  Yeah, I mean, look, I, I do believe in, in the same
• 1:03:34
  ideologies that I think on a long enough time frame, you
• 1:03:37
  know, Bitcoin will erode the huge government that we're, that
• 1:03:40
  we currently find ourselves in. But I think in the short term,
• 1:03:44
  like people, you know, like Nico, like Mitchell and all the
• 1:03:47
  other Bitcoiners that are engaging with politics is super
• 1:03:50
  important because, hey, it's not going to, this isn't going to
• 1:03:53
  crumble in the next four years. Remember, it took the Roman
• 1:03:55
  Empire, what, like 1000 years to really erode.
• 1:03:57
  So we we, it might crumble, but it might be after our lives five
• 1:04:01
  times. And hence why I'm like, yo, I
• 1:04:03
  think Mitchell gets it. I know, I know Nico gets a lot
• 1:04:05
  of Flack because he's starting to notice the political game and
• 1:04:09
  be like, guys, we need to be proactive.
• 1:04:11
  So I do want to pivot that for a moment.
• 1:04:13
  Mitchell, from your perspective, from the zoomer perspective,
• 1:04:17
  from the political stance you're taking, what do you think needs
• 1:04:20
  to happen from bit corners? What are you doing your
• 1:04:22
  personally to effectuate change? I think most Bitcoiners don't
• 1:04:28
  really need to do anything. I think you need to continue to
• 1:04:31
  provide value for society and accumulate Bitcoin, right?
• 1:04:34
  Keep doing what you're doing. If you want to get involved, I
• 1:04:37
  think the lowest hanging fruit is to get involved with your
• 1:04:41
  local officials or your state officials, right?
• 1:04:43
  Because the United States is decentralized.
• 1:04:46
  There's 50 states, chances are you're not going to be able to
• 1:04:49
  really change minds of the people of Washington, DC.
• 1:04:52
  But you can meet the people running for governor in your
• 1:04:54
  state. You can meet the people running
• 1:04:56
  for state offices, right? And they are more close and in
• 1:05:01
  physical proximity and in terms of just emotional capacity to
• 1:05:05
  their constituents, right? They literally, they live in
• 1:05:07
  this state. They want, they have your best
• 1:05:10
  interests in mind. I, I tend to believe, I don't
• 1:05:11
  think state offices are nearly as corrupt as, as the federal
• 1:05:15
  office. So you know, the lobby, your
• 1:05:17
  local politician, right if make sure they're pro Bitcoin,
• 1:05:20
  because that's where you can really get change.
• 1:05:21
  And the more states that adopt, you know, the right to self
• 1:05:25
  custody, right to mine on, right to run a node and anti central
• 1:05:29
  bank digital currency, it's, you know, if once you get over half
• 1:05:32
  the states doing that, that's going to put a lot of pressure
• 1:05:34
  on the federal government to do the same.
• 1:05:36
  A. 100% and it's kind of like look like it it fundamentally
• 1:05:39
  Bitcoin is a grassroots movement, right?
• 1:05:41
  And we, we've heard this, you've heard this many times,
• 1:05:44
  especially if you're tuning into simply Bitcoin, which is the
• 1:05:46
  long walk through the institutions, right?
• 1:05:48
  And you can make the case that's how you know the left, the
• 1:05:51
  current political left took over a lot of the institutions.
• 1:05:54
  That's a lot of this conservative argument that that
• 1:05:56
  you hear a lot, whether you believe it or not.
• 1:05:59
  Apply that same logic towards Bitcoiners infiltrating
• 1:06:05
  institutions in various levels of government, right?
• 1:06:09
  Wouldn't it be awesome if you had a Bitcoin U.S.
• 1:06:11
  Treasury secretary? Wouldn't it be awesome if you
• 1:06:14
  had a a Bitcoin president? It'd be great because all of a
• 1:06:17
  sudden their their incentives are aligned with yours.
• 1:06:20
  And then this goes back to the fundamental battle here, which
• 1:06:24
  is the party of green, the party of Fiat versus the party of
• 1:06:28
  orange, right? Because that's really what's
• 1:06:30
  going on here, right? It's not a red, blue liberal
• 1:06:33
  conservative. It's are you pro Bitcoin?
• 1:06:35
  Are you anti Bitcoin? If you're anti Bitcoin, you're
• 1:06:38
  essentially inherently pro central banking, pro Fiat.
• 1:06:41
  So anyways, it's been a great episode.
• 1:06:43
  Really enjoy it. Mitchell, if you had any last
• 1:06:45
  words for the audience, what would they be?
• 1:06:48
  Yeah. I this may be an out of pocket
• 1:06:51
  take, but a trend I think that's going on now and will continue
• 1:06:54
  to happen is bitcoins going to box out the radical left right.
• 1:06:57
  So we saw last week this you know a ton of stuff went down
• 1:07:00
  last week and got overshadowed 10 Democrat congressmen signed a
• 1:07:04
  letter supporting Bitcoin and encouraging their Democrat
• 1:07:06
  colleagues to do so. And I think the primary reason
• 1:07:09
  why the Democratic Party has taken an anti Bitcoin stance is
• 1:07:13
  because their mouthpiece is far left radicals like Elizabeth
• 1:07:15
  Warren, climate hysteria, anti freedom, like lockdowns, all the
• 1:07:19
  stuff. And I think they're going to get
• 1:07:21
  boxed out, right, because, you know, your normal sort of
• 1:07:24
  moderate Democrat entrepreneurial type, Silicon
• 1:07:27
  Valley type, they're pro Bitcoin, they're pro technology.
• 1:07:30
  They see that this benefits America.
• 1:07:32
  It's good for reducing carbon emissions.
• 1:07:34
  It's good for the individual and and the worker, right?
• 1:07:37
  And so I think those types of people in the Democratic Party
• 1:07:41
  are actually going to start to to rise up and intake the reins
• 1:07:44
  and sort of push the the far left, Elizabeth Warren's out,
• 1:07:47
  which I think is great for America.
• 1:07:48
  And I think that's really good for as well.
• 1:07:50
  Absolutely. And then also like another thing
• 1:07:52
  is, is that it exposes incentives, right?
• 1:07:55
  So like, you know, a lot of the tactics that certain political
• 1:07:58
  parties use is they'll hide behind a noble cause and that
• 1:08:04
  noble cause is the revolution. So it's not inherently that they
• 1:08:07
  believe in the things that they're touting is that what
• 1:08:10
  they'll do is they'll hijack those causes in order to achieve
• 1:08:13
  a certain political end goal. The beauty of Bitcoin is that it
• 1:08:17
  exposes incentives. So like someone like Elizabeth
• 1:08:20
  Warren, who talks a big game about equality and inclusivity,
• 1:08:25
  right? And Bitcoin is the most, you
• 1:08:27
  know, inclusive, equitable money the world has ever seen, right?
• 1:08:32
  That protects the lower middle classes from the ravages of
• 1:08:35
  inflation. How are you going to dispute
• 1:08:38
  that? Elizabeth Warren?
• 1:08:39
  It exposes her as a fraud. You weren't actually interested
• 1:08:43
  in those things. You were using those things in
• 1:08:47
  order to garner more power. And that's the beauty of Bitcoin
• 1:08:50
  is that it exposes incentives, tyrants of all kinds, right?
• 1:08:54
  So yeah, I completely agree. That's a really good take,
• 1:08:57
  Mitchell. Anyways, everybody, this was
• 1:09:00
  Simply Bitcoin Live for August 1st, 2024.
• 1:09:02
  I'm your host, Nico. He's my Co host, Optimus Fields
• 1:09:05
  and our guest for today, Mitchell Hoddle, If you guys
• 1:09:07
  enjoyed the show, you know what to do, Smash the like button.
• 1:09:09
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• 1:09:12
  We'll be back tomorrow for a brand new episode of Simply
• 1:09:15
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• 1:09:19
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